Equity Funds
While the week ended November 25, 2004, was abuzz with news of differences in the Ambani family, FMCG stocks, including ITC and HLL, registered smart gains, which resulted into a good performance of FMCG funds. The category gained 5.27 per cent, though underperformed the benchmark BSE FMCG Index which added a whopping 6.91 per cent over the week. In the three-fund category, Magnum FMCG led from the front to end the week up 6.59 per cent.
The prevailing rift between Ambani brothers, Reliance energy losing over 11 per cent, government's decision not to increase gas prices by Rs 5 every month and defer move to raise administered prices of natural gas seem to have hit the Petro funds hard--the two-fund category lost 3.25 per cent over the week. While JM Basic was down 3.79 per cent, UTI Petro shed 2.70 per cent.
Diversified, tax planning and technology funds, though could not repeat their last week's performance, did well to outperform their benchmarks. While diversified and tax planning category added 1.06 and 1.49 per cent, respectively, against the 0.16 per cent gain of benchmark BSE Sensex, technology funds ended the week up 0.12 per cent against the negative 0.78 per cent return of the benchmark BSE IT Index.
Pharma funds gained 0.61 per cent on an average against the 1.05 per cent return of the benchmark BSE Healthcare Index. In the five-fund category, only Reliance Pharma could beat the benchmark with a gain of 1.27 per cent.
Equity-oriented hybrid funds' category ended the week up 0.83 per cent.
Debt Funds
Income funds delivered positive returns for the second straight week--the category was up 0.09 per cent. Gilt medium and long-term added 0.06 per cent, while MIPs ended the week up 0.22 per cent. Debt short-term (0.11 per cent), floaters (0.10 per cent) and cash funds (0.10 per cent) also delivered positive returns over the week.
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